Bitcoin speculators spent most of the 2025-26 bear market trying to catch the falling knife.

Only AFTER price reached $60k did traders finally flip aggressively bearish.

• Funding rates turned deeply negative

• Put/call ratios surged

• Short positioning exploded

In other words: The crowd finally decided to short after Bitcoin was already down -50%.

The chart below compares futures funding and options positioning during the capitulation phase.

If you want to understand how this Bitcoin bear market actually unfolded beneath the surface, download The Bitcoin Checkpoint →